Most new fossil fuel projects are built with borrowed money – potentially yours
Randell Leach is CEO of Beneficial State Bank and Denis Hayes is CEO of the Bullitt Foundation.
Banks need to stop reckless profiteering that threatens our financial system and instead invest in resiliency.
That’s a less diplomatic phrasing of the message from President Biden’s recent Executive Order on Climate-Related Financial Risk, which recognizes that continued financing of fossil fuel projects represents a huge risk to the U.S. and world economies.
Every loan a bank makes carries risk. If paid enough to take a risk, banks will. And if a bank believes it can pass the cost of a risk to someone else, it will do that too.
16 Smart Steps To Take When You Receive An Unexpected Financial Windfall
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Banks Should Follow And Expand On Biden s Lead And Divest From Mass Incarceration
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Biden changes federal Paycheck Protection Program rules to help small businesses
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Biden Changes P.P.P. Rules to Help the Self-Employed
A more generous loan formula for solo ventures is meant to get more very small businesses into the Paycheck Protection Program. But bigger applicants face a two-week pause.
“Getting our economy back means bringing our small businesses back,” Mr. Biden said Monday.Credit.Doug Mills/The New York Times
Published Feb. 22, 2021Updated March 16, 2021
Aiming to put its own stamp on the Paycheck Protection Program, the Biden administration on Monday abruptly changed crucial program rules in ways intended to help the smallest and neediest companies, which have sometimes struggled to obtain aid from the federal relief effort.